Siti Cable Network Q3 net loss at Rs 26 crore

Essel group firm Siti Cable Network today reported a consolidated net loss of Rs 26.33 crore for the third quarter ended December 31.

During the quarter, its subscription revenue stood at Rs 147 crore, while its broadband revenue was at Rs 26 crore. (Photo Credit: Twitter)

Essel group firm Siti Cable Network today reported a consolidated net loss of Rs 26.33 crore for the third quarter ended December 31. The company had posted a net profit of Rs 14.65 crore in October-December quarter of the previous fiscal. The company’s total income from operations during the quarter under review declined by 13.23 per cent to Rs 298.46 crore, as against Rs 344 crore in the year-ago period, Siti Cable said in a BSE filing.

During the quarter, its subscription revenue stood at Rs 147 crore, while its broadband revenue was at Rs 26 crore. “Our persistent efforts have resulted in improved monetisation in Phase-3 DAS areas as we continue to digitize our subscriber base and expand our footprint…Although there were some near term headwinds in broadband on account of demonetisation, we remain confident of retaining the momentum in the coming quarters,” Siti Cable Executive Director and CEO V D Wadhwa said. The shares of the company were trading at Rs 39.20 on BSE, up 0.38 per cent from its previous close.